Home Sales Rise in Hard Hit Areas

It looks like the news is getting better around the country. Check out this story from James Hagerty in the Wall Street Journal from earlier this week.

Although nationally, home sales are still on the soft side, new data shows an uptick in several of the areas — including Fort Myers, Fla.; Las Vegas; Sacramento, Calif.; and inner-city Detroit — hit hardest by foreclosures and falling prices.

Americans generally remain wary of further declines in residential prices, but the data from these areas suggest buyers are finding the bargains too enticing to pass up.

Thomas Lawler, a Virginia-based housing economist, says home sellers “have moved into the acceptance mode” and are pricing properties more realistically.

DataQuick Information Systems calculates that sales of single-family homes in California’s Sacramento County totaled 1,669 last month, a 41-percent jump from a year earlier as the median sales price fell 34 percent to $226,250. Meanwhile, the Greater Las Vegas Association of REALTORS® reports that properties being sold by lenders account for more than 50 percent of recent sales.

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